The United States welcomed China's yuan revaluation on Thursday but a guarded tone from Congress and the Bush administration made it clear the move may not be enough to ease growing tensions between the countries, Reuters reported. The abandonment of the decade-old peg to the U.S. dollar will lift the Chinese currency's value by 2.1 percent -- less than the 10 percent to 15 percent the Bush administration is believed to have sought. However, U.S. Treasury Secretary John Snow said he believed other reforms that accompanied the move would lead to a further increase in the weeks and months to come. The growing might of the the Asian trading giant has led to a myriad of stresses -- from U.S. worries over Beijing's increasing military power to concerns Chinese companies would reach over the Pacific to snap up U.S. corporations. As heavy U.S. buying of inexpensive Chinese goods pushed America's trade gap with China to record levels, anger mounted in Congress over Beijing's long-time practice of pegging the yuan at 8.28 to the dollar.
